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To: yard_man who wrote (165246)	5/11/2002 5:13:06 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 436258

This information I gathered from REFCO site and was also confirmed by other traders at commercial banks. Dollar sentiment is becoming slightly less bearish as focus shifts to uncertain EZ economic outlook and the threat of intervention to weaken the Yen. <GRAPH> Capital flows remain the driving force in FX trade and portfolio flows to the U.S have dropped sharply. (Source U.S. Treasury.) U.S. Q1 productivity was reported 8.6% well above 7% expectation. U.S productivity was a major factor supporting the dollar over the last seven years as U.S. productivity outpaces productivity in the EZ and Japan and is seen as the hallmark of superior U.S. growth performance. The graph below measures unit labor cots and compensation in the U.S. and EZ. Note U.S./EZ productivity closely tracked during 1980 to 1995.U.S. productivity surged post 1995 and productivity gap with the EZ continues to expand. (GRAPH) (Source OECD)